er, We'll get you there.
CPAs 1 CONSULTANTS 1 WEALTH ADVISORS
City of Placentia
Presentation to the City Council
For the Fiscal Year Ended June, 30, 2022
June 6, 2023
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Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC -registered investment advisor.
Scope of Work
Audit of the basic financial statements contained within the City's Annual Comprehensive Financial Report (ACFR)
• Single Audit pursuant to the Uniform Guidance
• Agreed upon procedures on GANN Appropriation Limit
Agreed upon procedures on check sequence
Agreed upon procedures on wire transfers
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2 Reports to be Issued
Independent auditor's report on basic financial statements Report on internal control over financial reporting and on compliance in accordance with Government Auditing Standards
Communication to those in charge of governance
Agreed upon procedures report on GANN Appropriation Limit • Agreed upon procedures on check sequence
• Agreed upon procedures on wire transfers
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3 Independent Auditors Report
Opinions - Unmodified
Basis for Opinions
Change in Accounting Principle
Responsibilities of Management for the Financial Statements Auditors' Responsibilities for the Audit of the Financial Statements Required Supplementary Information
Supplementary Information
Other Information
Other Reporting Required by Government Auditing Standards 6 ©2023 CliftonLarsonAllen LLP
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4 Communication to Those in Charge of Governance
Accounting Policies
Implementation of GASB 87, Leases
Accounting Estimates
• CaIPERS defined benefit plans
Other Post -Employment Benefit (OPEB) plan
Financial Statement Disclosures Most Sensitive to Financial Statements Note 8 regarding the CaIPERS defined benefit plans.
Note 9 regarding the OPEB plan
Difficulties in Performing the Audit
None
Uncorrected Misstatements
California Highway Users Tax revenue on a cash basis rather than accrual basis 0 ©2023 CliftonLarsonAllen LLP
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5 Communication to Those in Charge of Governance
(Continued)
Corrected Misstatements
• Firefighter unfunded pension accrued liability
• Liability for compensated absences
• Redevelopment Property Tax Trust Fund (RPTTF) recorded as unearned • Bond payable for governmental fund not recorded on modified accrual basis Disagreements with Management
None
Management Representations
Received as of May 4, 2023
Management Consultations with Other Independent Accountants None known
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